Summer arrives, we return from our holidays and then we start thinking about buying a new property. Or that's what estate agents would have us believe. But if that's the case and you're looking to purchase a new property or want to move your mortgage, you face a minefield of choices. Follow our guide to make your decision less stressful.

Tracker mortgages
These were launched in response to criticism that lenders were not passing on base rate decreases to mortgage borrowers. Trackers guarantee to charge a certain margin over bank base rates, either for the whole term or a fixed period, so that both base rate decreases as well as increases are automatically passed on. Some of the best deals are also free of early repayment charge penalties, allowing you to move to better deals if rates go up. Trackers still offer good long-term value and are a suitable choice if you believe interest rates will eventually go down again.

If the tracker mortgage has a fixed period you should be aware that the rate will revert to the Standard Variable Rate at the end of the fixed period and payments may increase.

Up front arrangement fees may be charged and should be factored into rate comparisons.

Flexible mortgages
While most mortgages control you, you have the control with a flexible mortgage. They adapt to changes in your lifestyle and cash flow, letting you underpay, overpay, take payment holidays for up to six months - extending the mortgage term, pay off lump sums and borrow on over-payments. Flexible mortgages are best suited to more sophisticated borrowers who primarily want to be able to overpay when times are good and have their overpayment credited immediately, but also want the option to pay less without penalty at times when funds are low. Due to the flexible nature of these mortgages strict discipline is required to ensure the loan is repaid within a reasonable time frame.

Capped-rate mortgages
If you expect interest rates to go down, consider a capped-rate mortgage, they work by capping the maximum rate but allow rates to reduce if interest rates go down. Choose one with no extended early repayment charge penalties.

Up front arrangement fees may be charged and should be factored into rate comparisons.

Discounted-rate mortgages
Attractive discounted variable rates are available, the rate is discounted for a set period normally between two and five years. At the end of the discount period the rate reverts to the Standard Variable Rate and payments may increase.

Choose one with no extended early repayment charge penalties and you will be free to remortage at the end of the discount period.

Up front arrangement fees may be charged and should be factored into rate comparisons.

Fixed-rate mortgages
If you want your repayments to stay the same over a certain period, go for a fixed rate deal, these are normally between two and five years but can be longer.

At the end of the fixed period the rate reverts to the Standard Variable Rate and payments may increase.

Choose one with no extended early repayment charge penalties and you will be free to remortage at the end of the fixed period.

Up front arrangement fees may be charged and should be factored into rate comparisons.

Variable-rate mortgages
Opt for this type of mortgage if you are prepared to go with the interest rate flow as rate normally change in line with movements in the Bank of England Base Rate.

Most Variable rate mortgages do not incur up front fees and therefore those that do charge fees should be avoided.

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